MySpace, the former Internet social networking leader, has recently announced massive layoffs in the company. It would cut nearly 500 employees or about 47 percent of its staff. More details inside.
MySpace, the former Internet social networking leader, has recently announced massive layoffs in the company. It would cut nearly 500 employees or about 47 percent of its staff. Most of the layoffs are coming from the company’s international divisions.
Ever since the appearance of Facebook, MySpace has been on a steady decline in terms of traffic and revenue, despite claims from Mike Jones, CEO of MySpace, that over 3.3 million new user profiles have been created since the redesign site launched.
“Today’s tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability. The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side. We are also committed to rebuilding the company with an entrepreneurial culture and an emphasis on technical innovation,” said Jones in a statement on Tuesday.
Source: Yahoo! News
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